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DALLAS -- On the heels of turning 81, 7-Eleven Inc. has set an aggressive goal of reaching 300 c-stores in the Dallas-Forth Worth area by 2009. Currently, the chain count is at 245.
"I am challenging the team to reach 300 stores by the end of 2009 and we will accomplish that through acquisitions, ground-up and franchise opportunities," James Massey, 7-Eleven real estate manager, told GlobeSt.com. "Acquisitions are a lot faster way to grow so we are keeping a sharp eye out for acquisitions."
The goal became likely after the company sealed a 27-store lease with Quik Way Retail Associates II LLC of Dallas at Shell-branded stations in the metroplex, reported GlobeSt.com.
Massey told GlobeSt.com the $10 to $15-million initiative includes remodeling and re-branding the convenience stores, which average 2,400 square feet. The deal also included a 15-year lease with renewal options. In conjunction with birthday celebrations, 15 stores had a grand re-opening this weekend while the balance are slated to open by yearend.
7-Eleven has been building on this approach. In 2006, the company bought approximately 200 White Hens stores in the Chicago market. Massey explained that 7-Eleven is actively looking for similar acquisitions across the nation.
"We are no longer married to a particular brand of gas. We can be flexible on the gas brand so we can bring the 7-Eleven format to a number of different customers," Massey told GlobeSt.com. "We are aggressively growing and we are looking at several ways to grow."